Money making: A brief history of currency from the British Museum - BBC News BBC News Money making: A brief history of currency from the British Museum By Kevin Peachey Personal Finance reporter, BBC News 22 April 2016 Close share panel Media captionA history of money in five objects Debate has begun over the choice of JMW Turner to be commemorated on a Bank of England banknote. The public was included in the choice of nominations for the honour of appearing on the next £20 note, to enter circulation in 2020. As with the new £5 and £10 notes from the Bank of England, being introduced this year and next, the £20 note will be made of plastic. This extends a rich history of changing currency in the UK and worldwide. Image copyright Bank of England Image caption The new £20 banknote will feature a self-portrait of JMW Turner and one of his best works The plastic notes - starting with the new £5 note featuring Sir Winston Churchill due to be issued in September - will eventually replace cotton paper notes, which have been used for more than 100 years.

In many ways, this is a significant change in the way money is produced, not least because a Bank of England banknote will survive a spin in the washing machine for the first time. However, there are many other revolutionary developments in the way money has been made over many centuries. Ben Alsop, curator of the Citi Money Gallery at the British Museum, and Mieka Harris, education manager for the gallery, offer a snapshot of this rich history - with the help of five objects from the gallery's collection. Coins, as we know them Image copyright Trustees of the British Museum Image caption Although irregular in size and shape, these early Lydian coins were minted to a strict weight-standard This coin made from electrum - a natural alloy of gold and silver found in riverbeds - is one of the earliest examples of coins, and the beginnings of the Western tradition of coinage that is still going strong. It was minted in Lydia, in modern day western Turkey, in the 7th Century BC, making it more than 2,500 years old. These coins, featuring a lion's head, were of a consistent weight and purity.

As a result, they held a value that allowed them to be used in cross-border trade - replacing the idea of two commodities effectively being swapped between traders. The tiny coin was of significant value, so was used in high-level trade, as gifts between rulers, and as payment to mercenary soldiers. The vast majority of the population would never see one, and continued to trade without coins - as had been the case for cities and empires for more than 2,000 years. Bartering, for example, still ran in parallel with trading using coins. Spade or money? Image caption Chinese spade money alongside a 10p coin Throughout history, coins have looked very different to the money we recognise today. This hollow-handled spade money was used in China in the early 6th Century BC, when the country was made up of a number of separate states In order to inspire confidence among the merchant classes to use this abstract concept of bronze money, it was shaped as an agricultural tool - an item recognised by these people, rather than an alien, round coin. Coins shaped as knives were also produced in China around 200 years later, as this was a shape recognised by those involved in warfare.

Weight was much more important that shape in terms of value. Although its use was more widespread than the Lydian coins, the use of coins as currency did not filter down to the population at large until Roman times. The birth of banknotes Image caption This Chinese "paper" bank note is actually made from the bark of a tree The earliest banknote in the British Museum's collection is this grandly named Great Ming circulating treasure note from the 14th Century. It is an early example of "paper" money carrying a value. In this case, the one guan note is worth 1,000 coins, as can be seen from the illustration on the 34cm by 22cm note. It is actually made of mulberry bark. "People started to call it 'flying cash', partly because of its convenience across high-level trade, but also because it no longer had the weight to it that coins would have had," says Ms Harris. "So if you were not holding it properly, it could potentially fly away." Backed by the central authority, it also features a border of dragons, and an inscription that warns against counterfeiting. The warning seems to have been ignored.

Owing to counterfeits and inflation - which rose as printing money became easier - China stopped issuing paper notes in the early 15th Century and did not start again until the 19th Century. Local currency Image copyright Trustees of the British Museum Image caption In the 17th Century, the civil wars in the British Isles saw the rise of locally produced coins or tokens When the British Isles were gripped by civil war in the 17th Century, there was huge instability and a lack of small denomination currency. Small traders and other establishments stepped in when the central authority was unable to provide this coinage, by issuing their own tokens. This 17th Century token was issued, according to the inscription, by John Ewing, who traded near St George's Church in Southwark. He was a tobacconist, hence the image of a monkey smoking a pipe. Customers could use this token in his store, but other local traders may have accepted it, too. This private production of money was in many ways a forerunner to local currencies seen today such as the Brixton Pound and the Bristol Pound, as well as cryptocurrencies or digital currency such as Bitcoin. However, these tokens were not used for long.

A Royal proclamation, following the restoration of the English monarchy in 1660, clamped down on their production. Age of plastic Image caption In 1958, Bank of America launched its BankAmericard - the first successful modern credit card Although money is inherently conservative in nature in order to be accepted by the general population, there have been some revolutionary developments. One was the birth of the credit card, even though credit and debt have existed for as long as money itself. This particular card is an early example from the US, from the 1960s. Credit accounts were already common in individual stores, but credit cards allowed people to use one card to shop on credit across the numerous stores and not have to carry notes and coins. "To get people using them, they were mailed out to people who had not asked for them, just to try to encourage people to use this new form of payment," says Mr Alsop. This was not particularly scientific, so there were examples of credit cards being sent to toddlers. There was no automation in the credit card, as is the case today, so shoppers would hand over the card to a shopkeeper who would make a telephone call to a bank.

That bank would then check with the shopper's bank by phone and eventually the transaction would be authorised. Banknotes | Bank of England New £5 note: issued 13 September Our new £5 note was issued on Tuesday 13 September. The New Fiver is our first note to be made from polymer, a flexible plastic material, and it features Sir Winston Churchill. You can continue to spend paper £5 notes as usual until 5 May 2017. After this they will cease to be legal tender. England | Banknote News Banknote News Breaking news about international paper & polymer money England Great Britain new 5-pound polymer note unveiled for 13.09.2016 introduction Jun 02, 2016 08:20 AM Category: Europe The Bank of England has printed 440 million polymer 5-pound notes it plans to introduce 13 September 2016. A new 10-pound polymer note featuring Jane Austen is scheduled to be introduced in mid-2017. A new 20-pound polymer note featuring J.M.W. Turner is expected in 2020.

The bank has not yet decided if or when it will introduce a new 50-pound note, nor if it will be paper or polymer. Courtesy of Antje Bird. England new 20-pound note reported for 2020 introduction Apr 22, 2016 03:48 PM Category: Europe According to a press release dated 22 April 2016 , the Bank of England has announced that J.M.W. Turner will appear on the next 20-pound polymer banknote due to be issued by 2020. Commenting on the decision, Bank of England Governor, Mark Carney said: “I am delighted to announce that J.M.W. Turner has been chosen to appear on the next £20 note. Turner is perhaps the single most influential British artist of all time. His work was transformative, bridging the classical and modern worlds. His influence spanned his lifetime and is still apparent today. Turner bequeathed this painting to the nation, an example of his important contribution to British society." As shown in the concept image, the design on the reverse of the note will include: J.M.W. Turner’s self-portrait, painted c.

1799 and currently on display in the Tate Britain. One of Turner’s most eminent paintings The Fighting Temeraire; a tribute to the ship HMS Temeraire which played a distinguished role in Nelson’s victory at the Battle of Trafalgar in 1805. The quote - “Light is therefore colour” from an 1818 lecture by Turner referring to his innovative use of light, shade, colour and tone in his pictures. Turner’s signature from his Will, the document with which he bequeathed many of his paintings to the nation. The full design of the note and its security features will be unveiled closer to it entering circulation. Courtesy of Antje Bird, James Cadman, and Mark Irwin. England to unveil new polymer 5-pound note design on 02.06.2016 Mar 12, 2016 04:16 PM Category: Europe According to a press release dated 10 March 2016 , the Bank of England will unveil the design of the new polymer 5-pound banknote on 2 June 2016.

The note will be introduced in September 2016, and the existing paper 5-pound note will be gradually withdrawn thereafter. The polymer 10-pound note featuring Jane Austen will be introduced in late 2017 and a new polymer 20-pound note will be introduced by 2020. Courtesy of Aidan Work. Bank of England announces new 20-pound note to be polymer in 2018-2020 Sep 07, 2015 09:53 AM Category: Europe According to a press release dated 2 September 2015 , the Bank of England announced that the next 20-pound banknote will be printed on polymer, a substrate that is more secure, durable, and cleaner than traditional security paper. In December 2013, the bank announced that the next 5- and 10-pound banknotes would be printed on polymer following a 10-week public consultation that found 87% of respondent were in favor of the change.

The polymer 5-pound note featuring Winston Churchill will be issued in autumn 2016, the 10-pound polymer note featuring Jane Austen entering circulation a year later. The bank made the decision to move to polymer for the 20-pound note following extensive research into the developments in security features for notes printed on cotton-based paper and polymer since the 2013 decision was made. A competitive tender process for the supply of the polymer for the 20-pound note is expected to start in late 2015. The note, which will feature a visual artist nominated during the public nominations period held earlier this year, will enter circulation in 3-5 years’ time. A bank committee is considering which character will appear on the new 20-pound note. It received 29,701 nominations from the public after it announced it wanted to celebrate an artist on the note. Some 592 eligible visual artists are being considered for the honor. The final decision will be made by the bank’s governor, Mark Carney. Favorites include the sculptor and artist Barbara Hepworth, the author Beatrix Potter, and fashion designer Alexander McQueen.

Recommended reading: The secret codes of British banknotes Jun 25, 2015 07:44 AM Category: Europe | Miscellaneous The BBC has a very interesting article dated 25 June 2015 by Chris Baraniuk entitled " The secret codes of British banknotes ," which discusses the so-called EURion Constellation (aka Omron rings) patterns' role in deterring digital counterfeiting. Unmentioned in this article is that the simplest way to defeat this anti-counterfeiting feature is to use older scanners and photo editing software which do not interfere with the manipulation of banknote imagery. For example, Adobe Photoshop 3 will detect if you attempt to open a banknote image, but it will allow you to open, edit, and save same, but you can't print. With Photoshop 4, you're blocked from even viewing any image determined by the software to be a banknote. Courtesy of Anthony Rodov and Christof Zellweger.

Bank of England launches public nominations for new 20-pound note May 20, 2015 10:16 AM Category: Europe According to a press release dated 19 May 2015 , "the Governor of the Bank of England, Mark Carney, announced that the next £20 note will celebrate Britain’s achievements in the visual arts and he launched a public nomination period to seek people’s views as to who should be recognised on the next £20 note. Members of the public will have two months to nominate people of historic significance from the visual arts including artists, sculptors, printmakers, designers, craftspeople, ceramicists, architects, fashion designers, photographers and filmmakers – whose work shaped British thought, innovation, leadership, values and society. The public can nominate characters from within the field of visual arts on the Bank’s website." Courtesy of James Cadman.

Bank of England new sig 10-, 20-, and 50-pound notes confirmed Mar 04, 2015 04:05 PM Category: Europe According to a press release dated 24 February 2015 , "With effect from 3 March 2015, the Bank of England will be issuing into circulation £10, £20 and £50 notes bearing the signature of the current Chief Cashier, Victoria Cleland. These notes are the same design as those currently in circulation which bear the signature of Chris Salmon, the previous Chief Cashier, and of his predecessors Andrew Bailey and Merlyn Lowther. Cleland notes will circulate alongside the remaining Salmon, Bailey and Lowther notes, with the same status. The first £5 notes bearing the signature of Victoria Cleland will be printed on polymer and introduced into circulation from the second half of 2016. £10, £20 and £50 notes bearing Victoria Cleland’s signature will be made available to the cash industry from 3 March 2015 and will be dispensed from some ATMs and branch counters shortly thereafter.

Low serial numbered notes will not be available from the Bank’s counter." Anyone interested in buying one of these notes can contact the contributor by clicking the link below. Courtesy of Antje Maroussi and Pam West . England polymer 5- and 10-pound notes in video Mar 19, 2014 01:34 PM Category: Europe The CNN Money clip above discusses the Bank of England's plans to adopt polymer substrates for its banknotes, and there are even several shots of polymer 5- and 10-pound test notes at various points in the video. Courtesy of Mark St. Pierre. Bank of England 1- and 100-million pound notes in video Jan 30, 2014 08:44 AM Category: Europe Check out this video from Channel 4 News in which you can view the Bank of England's 1-million and 100-million pound notes.

England announces new 5- and 10-pound notes to be printed on polymer Dec 18, 2013 08:26 AM Category: Europe According to a press release dated 18 December 2013 , the Bank of England intends to print new 5- and 10-pound notes on polymer. The 5-pound note featuring Sir Winston Churchill will be issued in 2016, followed in 2017 by the 10-pound note featuring Jane Austen. Bank of England asks for public input before switching to polymer notes Sep 11, 2013 10:03 AM Category: Europe According to a press release dated 10 September 2013 , the Bank of England has revealed that it has been studying a switch from paper to polymer substrates over the past three years and found that the latter is cleaner, more secure, more durable, and more environmentally friendly. However, before finalizing on the decision to switch to polymer for its banknotes, the bank is undergoinh a two-month-long public consultation program ending on 15 November 2013.

The bank’s final decision, in the light of feedback, will be announced in December 2013. If a decision is taken to proceed with printing on polymer, this will initially only be for the new-style £5 and £10 banknote. Polymer banknotes would be introduced one denomination at a time, with the Churchill £5 in 2016 at the earliest. The new polymer notes would also be smaller than existing paper notes.

England confirms new 10-pound note to feature Jane Austen in 2016-2017 Jul 24, 2013 09:12 AM Category: Europe According to a press release dated 24 July 2013 , the Bank of England has "confirmed that Jane Austen will appear on a forthcoming Bank of England banknote: the next new character following Sir Winston Churchill…The Austen note will be issued as a £10 note, within a year of the Churchill £5 note, which is targeted for issue during 2016." Features of the design on the reverse of the Jane Austen note will include: The quote – “I declare after all there is no enjoyment like reading!” from Pride and Prejudice (Miss Bingley, Chapter XI). Portrait of Jane Austen. Commissioned by James Edward Austen Leigh (Jane Austen’s nephew) in 1870, adapted from an original sketch of Jane Austen drawn by her sister, Cassandra Austen.

An illustration of Miss Elizabeth Bennet undertaking “The examination of all the letters which Jane had written to her”– from a drawing by Isabel Bishop (1902-1988). The image of Godmersham Park. Godmersham was home of Edward Austen Knight, Jane Austen's brother. Jane Austen visited the house often and it is believed that it was the inspiration for a number of her novels. Jane Austen’s writing table – the central design in the background is inspired by the 12 sided writing table, and writing quills, used by Jane Austen at Chawton Cottage. Courtesy of Anthony Rodov. Bank of England responds to public demand for women on new notes Jul 10, 2013 08:02 AM Category: Europe The Bank of England has posted the response from Mark Carney , governor of the Bank of England, to a letter received on 1 July 2013 from Mary Macleod MP , who expressed diappointment that Elizabeth Fry is to be replaced on the 5-pound note by Winston Churchill. Courtesy of James Cadman.

England to feature Winston Churchill on new 5-pound note in 2016 Apr 26, 2013 08:27 AM Category: Europe According to a press release , the Bank of England will feature Winston Churchill on a new 5-pound note to be issued in 2016. Commenting on the choice, the Governor said: “Our banknotes acknowledge the life and work of great Britons. Sir Winston Churchill was a truly great British leader, orator and writer. Above that, he remains a hero of the entire free world. His energy, courage, eloquence, wit and public service are an inspiration to us all. I am proud to announce that he will appear on our next banknote." The plan is for the Churchill note to be issued as a £5 note, and that it shall be issued during 2016; but those choices may be reviewed as plans for issuing the new note are finalised. Features of the design on the reverse of the note will include: A portrait of Winston Churchill from a photograph taken in Ottawa by Yousuf Karsh on 30 December 1941 - © Yousuf Karsh/Camera Press.

A view of Westminster and the Elizabeth Tower from the South Bank looking across Westminster Bridge - © Abi Daker. The image of the Elizabeth Tower with the hands of the Great Clock at 3 o’clock – the approximate time on 13 May 1940 when Sir Winston Churchill declared in a speech to the House of Commons: “I have nothing to offer but blood, toil, tears and sweat.” This declaration is quoted beneath the portrait. A background image of the Nobel Prize medal which he was awarded in 1953 for literature, together with the wording of the prize citation. The trademark Nobel Prize® is reproduced with permission from the Nobel Foundation. Further details on the full design of the new note will be revealed when the new note is launched, together with a full promotion and awareness campaign. Courtesy of Paul Walters. England 1- and 100-million pound notes confirmed Jan 29, 2013 07:50 AM Category: Europe BBC News has an interesting article which discusses the Bank of England's "giant" and "titan" notes denominated in 1- and 100-million pounds. Courtesy of Christof Zellwegger.

Bank of England puts note printing out to tender Dec 12, 2012 03:43 AM Category: Europe According to a PrintWeek article dated 10 December 2012 , De La Rue's contract to print the UK's banknotes could come to an end as the Bank of England (BoE) has issued a tender notice asking up to five operators to bid for the £1bn contract. It is only the second time that the contract has been outsourced since De La Rue took over banknote printing for BoE in 2003. The contract, which could potentially run for up to 14 years, will see alternative suppliers bidding to print up to 12bn banknotes at BoE’s Debden, Essex facility. BoE expects that the 200 staff at the Debden plant will be transferred to the new supplier should the contract be awarded away from De La Rue. The new supplier would be responsible for the maintenance of Debden’s printing machinery, which is expected to be refurbished or replaced with the payment of capital costs coming from BoE.

The tender also states that the new supplier would need to accomodate changes in the features or substrates included in banknote production in line with security reviews by the governing body. Bidding operators must have at least three years of experience in commercial banknote printing and have printed at least 500m banknotes over a 12-month period at one site in the past three years as payment will depend on the volumes of accepted banknotes produced. The deadline for bids is 31 January 2013, and BoE expects that banknote production will commence from April 2015 following a six to twelve month transition period between suppliers. The successful participant will have the option to extend the contract by a further 36 months. One provision in the tender that has gotten the attention of banknote collectors is the requirement that the printers be able to handle printing on polymer, not just the paper substrate traditionally used on Bank of England notes. To be clear, however, the bank hasn't committed to printing new notes on polymer; it's simply ensuring that polymer is an option regardless of who it chooses as its new printer.

Nov 26, 2012 01:14 PM Category: Europe | North America According to a press release dated 26 November 2012 , the Bank of England has announced that Mark Carney has been appointed governor of the bank from 1 July 2013. He will succeed Sir Mervyn King. Carney is currently Governor of the Bank of Canada, having taken up his office on 1 February 2008. The move will likely mean new signature varieties for Canada's banknotes, but not for those in Great Britain, where the notes are signed by the chief cashier. Courtesy of Jim Chen, Alex Zlotin, and Aidan Work. Great Britain new sig 5-, 10-, and 20-pound notes confirmed Sep 12, 2012 07:44 AM Category: Europe According to a press release , on 12 September 2012, the Bank of England issued 5-, 10-, and 20-pound (US$8, $16, and $32, respectively) notes bearing the signature of the current chief cashier, Chris Salmon.

These notes are like the preceding issues (P391, P389, and P392) and will circulate in parallel. "The new notes bearing Chris Salmon’s signature were produced with printing plates made under a different manufacturing method. This has not changed the appearance of the notes. De La Rue previously used printing plates produced via the film exposure method. However, due to the diminishing demand for this technology in the printing community, De La Rue have changed to printing plates which are produced via the direct laser engraving method, known as ‘computer to plate’ technology." Anyone interested in buying one of these notes can contact the contributor by clicking the link below. Courtesy of Antje González and Pam West . England considering polymer notes Mar 11, 2012 09:25 AM Category: Europe CentralBanking.com has an interesting video on its web site interviewing Chris Salmon , the chief cashier at the Bank of England , discussing various matters related to the new 50-pound (US$78) note, as well as confirming that the BoE is examining polymer substrates for possible use in the future. Courtesy of Thomas Krause.

Interesting article on polymer notes Nov 26, 2011 11:39 AM Category: North America On 18 November 2011, the BBC published an interesting article, “ Who, What, Why: Why don't more countries use plastic banknotes? ,” which quotes BanknoteNews.com contributor Stane Štraus, publisher of the Polymer Bank Notes of the World web site. Courtesy of Aidan Work. England new 50-pound note confirmed Nov 02, 2011 08:28 AM Category: Europe 50 pounds (US$80). Red. Front: Bank of England seal; Bank of England headquarters building in London; Queen Elizabeth II. Back: Entrepreneur Matthew Boulton; horse with rider and carriage outside Boulton’s Soho factory building; Whitbread steam engine; engineer James Watt; cogs. Solid and windowed Motion security threads. Watermark: Queen Elizabeth II and electrotype £50. Printer: (DLR). 156 x 85 mm. 2010. Signature Chris Salmon. Intro: 02.11.2011.

England to issue new 50-pound note 02.11.2011 Sep 30, 2011 06:13 AM Category: Europe According to a press release dated 30 September 2011 , “the Bank of England will introduce a new-style £50 banknote into circulation on 2 November 2011. The note will feature the renowned 18th century business partnership of entrepreneur Matthew Boulton and engineer James Watt. “A range of new and enhanced security features have been incorporated into the design of the Boulton and Watt £50 banknote. Full details of these will be revealed when the new banknote is introduced into circulation, accompanied by a publicity and education campaign. “The Boulton and Watt £50 banknote marks the first time two portraits have appeared together on the back of a Bank of England banknote. It will also be the first banknote in circulation to be signed by Chris Salmon, who was appointed as the Bank’s Executive Director, Banking Services and Chief Cashier in April 2011.

“As new-design banknotes are introduced so the notes they replace are withdrawn – although they can always be exchanged with the Bank of England for their face value. “The Boulton and Watt £50 banknote will initially circulate in tandem with the current £50 banknote featuring Sir John Houblon, the first Governor of the Bank of England, which was introduced in 1994. The Bank will make an announcement regarding the withdrawal date of the Houblon £50 banknote in due course.” Additional information and images are requested so that this report can be confirmed. England contemplating polymer notes Sep 05, 2011 08:49 PM Category: Europe According to an article in The Independent dated 4 September 2011 , the Bank of England is considering a polymer 5-pound (US$8.05) note and a 50-pound (US$80) note with a transparent window (most likely De La Rue ’s Optiks) to improve durability and protect against counterfeiting. A source close to the BoE said: "This is at the evaluation stage.

A decision won't be made for the next year or two and production a little while after that, but a plastic £5 note is a possibility even though it won't provide as much security as other options." Courtesy Thomas Krause and Richard Miranda. UN releases $1.5 billion in Libyan banknotes from DLR Aug 31, 2011 08:47 PM Category: Europe | Africa The United Nations has approved the release of 1.86 billion (US$1.5 billion) worth of Libyan dinar banknotes printed by De La Rue . The notes had been held in the UK under sanctions imposed on the Gaddafi regime, but will now be delivered to the Central Bank of Libya . Courtesy of Thomas Augustsson. IBNS Book of the Year: Standard Catalogue of the Provincial Banknotes of England and Wales Jun 18, 2011 09:31 AM Category: Book The International Bank Note Society (IBNS) has awarded its 2011 Book of the Year, for a book published in 2010, to The Standard Catalogue of the Provincial Banknotes of England & Wales by Roger Outing.

The announcement was made at the Annual General Meeting of the IBNS in Memphis, Tennessee, USA in early June. Already considered an essential guide for collectors of English and Welsh paper money, Roger Outing’s book covers a wide range of bank note and banking information. While the book carries on the pioneering work of Geoffrey Grant’s The Standard Catalogue of Provincial Banks and Banknotes, there is much more to Mr. Outing’s work. The main section of the new work is an alphabetical listing of issuing banks by town, which also incorporates the multi-branch joint stock banks. This is followed by a full listing of the London private and joint-stock banks; most of which never issued banknotes, but the comprehensive coverage is a boon for bank historians, as well as collectors of cheques and other financial ephemera. A further section lists all non-bank issuers by town of origin – mostly collieries, ironworks and the like, which issued notes in the early years of the nineteenth century. The final section covers Skit Notes, an area not previously researched in detail. Skit Notes were often prepared for advertising, entertainment or political purposes, and quite often were designed to look similar to genuine notes.

While only items issued prior to 1900 are included, there are still details of some 63 ‘issues’. The Standard Catalogue of the Provincial Banknotes of England & Wales is an impressive work – not only is the information of great value, it is very well presented. A large format, hard-back publication of 520 pages, with over 850 colour illustrations, the book has been prepared to a high standard by its publishers – Token Publishing of the United Kingdom. This catalogue and price guide is a wonderful example of the investment of time and effort into the research of paper money and the IBNS congratulates Roger Outing on a valuable achievement and contribution to the world of paper money. Bank of England to withdraw 20-pound note on 30 June 2010 Mar 08, 2010 11:38 AM Category: Europe According to a Bank of England press release dated 8 March 2010 , the 20-pound (US$30.10) note with the portrait of composer Sir Edward Elgar on back will cease to be legal tender after 30 June 2010.

“This note has been gradually replaced by the Adam Smith £20 which was introduced in 2007. Announcing this today, the Bank of England assured holders of the Elgar £20 banknote that they could certainly use the notes up to, and including, 30 June. After that date the note will no longer have ‘legal tender’ status. The note will not have to be accepted in payment, or in change, in retail outlets after this date.” “For several months from the end of June banks, building societies and Post Offices will accept Elgar £20 notes for deposit to customer accounts and for other customer transactions. Agreeing to exchange the notes for non-customers is at the discretion of the individual institution. The Bank of England will always give value for these notes (and all other banknotes the Bank has issued).” “Andrew Bailey, the Bank of England’s Chief Cashier, said, ‘The Elgar £20 banknotes were first introduced in 1999 and we introduced the Adam Smith £20 banknotes three years ago. We said at the time that the two designs would circulate in tandem, with the Elgar notes gradually being withdrawn over the next few years.

It is time now to withdraw the Elgar £20 notes completely, with the Adam Smith £20 banknotes to be the only £20 note design continuing in circulation.’” Courtesy of Aidan Work. Bank of England to issue new £50 note in 2011 Jun 22, 2009 06:00 AM Category: Europe On 29 May 2009, the Bank of England announced that it would issue a new 50-pound note in early 2011. The new £50 note (US$82) will feature portraits of 18th century entrepreneur Matthew Boulton and engineer James Watt. Bank of England Governor, Mervyn King, said, “Just as the Bank of England plays an essential role in the economy as the United Kingdom’s central bank, so too did Boulton and Watt’s steam engines and their many other innovations as essential factors in the nation’s Industrial Revolution.

So many of the advantages society now enjoys are due in large part to the vital role of engineering and the brilliance and foresight of people such as Boulton and Watt whose development and refinement of steam engines gave an incredible boost to the efficiency of industry.” “The unique and rare opportunity that the Bank has through its banknotes to acknowledge and promote awareness of our nation’s heritage of artistic, social and scientific endeavour is an honour for us. The Bank’s choice of Boulton and Watt, a reminder of the invaluable contribution from engineering and the entrepreneurial spirit to the advancement of society, I think, well reflects this.” The Boulton and Watt £50 banknote will be the second note in the Series F family which began with the introduction of the Adam Smith £20 note on 13 March 2007. Therefore its overall appearance will be similar. But for the first time two portraits will appear together on the reverse of the note, those of Boulton and Watt, along with the image of a steam engine and the Soho (Birmingham) Manufactory.

As with the Adam Smith £20 banknote however, continuity is provided with the current portrait of Her Majesty The Queen, which was first used in 1990 and which will be retained on the front of the note. Further details of the design and the range of security features to be included on the new note will be revealed when the new note is launched. Bank of England refutes report of new notes depicting religious leaders Mar 10, 2009 07:06 AM Category: Europe According to a TotallyJewish.com article dated March 5, 2009 , “A new British banknote featuring a portrait of the Chief Rabbi is to be issued later this year in an effort to literally 'restore faith in the economy'. Sir Jonathan Sacks is one of five senior religious leaders whose images will appear on UK currency as part of a series of measures to tackle the credit crunch. The initiative was announced by the Chancellor of the Exchequer and the Bank of England this week.” This “news” item struck me as highly unlikely, so I wrote to the Bank of England for confirmation or denial. As I suspected, the TotallyJewish.com item is either false or was intended as satire.

Here is the full response I received from Malcolm Shemmonds, a media representative at the BoE: “I'm afraid that the news concerning this supposed new banknote issue by ourselves is totally untrue. There are no plans to circulate any new Bank of England notes in the immediate future. However, the Bank of England has a rolling banknote design programme and we may well decide to revise the design of our other notes in due course to reflect the same security features and theme (British historical figures) that have been incorporated within our current banknote series. “By way of background, you may be interested to know that we decide whom to feature on our banknotes on the basis of an enduring contribution to the advancement of society. Having said that, the choice of whom to celebrate on the banknotes is never easy, and any candidate will naturally have both staunch supporters and detractors. The final choice of who appears on our notes rests with the Governor of the Bank of England.” England issues new 20-pound note featuring Adam Smith Mar 13, 2007 05:39 PM Category: Europe Today the Bank of England issued a new £20 featuring Adam Smith, one of the fathers of modern economics.

This is the first design in a new series of notes from the bank known collectively as “Series F.” The new notes will circulate in parallel with the current £20 (Pick 390), which will be progressively withdrawn from circulation. Measuring 149 x 80 mm, the new £20 is the same size as the current note. The portrait of Queen Elizabeth II is retained on the front, but the new note features a brighter color purple, as well as a large silver holographic strip, a registration device, additional intaglio printing, improved watermark, and more UV features to deter counterfeiters. The new note bears the signature of Andrew Bailey, Chief Cashier. A portrait of Smith appears on the back of the new note, along with an engraving showing “The division of labour in pin manufacturing” with the parenthetical quote “and the great increase in the quantity of work that results” drawn from his major work, An Inquiry into the Nature and Causes of the Wealth of Nations.

The image of Adam Smith is based on a likeness of the portrait of him by James Tassie — Scottish National Portrait Gallery — and reproduced by permission; and the image of pin manufacturing is based on an original image, and by permission of The British Library. Adam Smith (1723 - 1790) is the first economist and the first Scotsman to appear on a Bank of England note. Pick 392: 20 pounds (US$38.60)). Issued March 13, 2007. Bright purple. Series F. QEII portrait, holographic stripe, registration device, additional intaglio printing, improved wmk, and more UV features. Signature: Andrew Bailey, Chief Cashier. Portrait of economist Adam Smith and illustration of “The division of labour in pin manufacturing” on back. 149 x 80 mm.

Bank of England switches to plastic pound notes with Churchill fiver | Business | The Guardian Bank of England Bank of England switches to plastic pound notes with Churchill fiver Introduction of polymer £5 note in 2016 and Jane Austen £10 note in 2017 will end 320 years of paper money Concept design for new polymer £5 note featuring former British leader Winston Churchill. Photograph: AP Bank of England Bank of England switches to plastic pound notes with Churchill fiver Introduction of polymer £5 note in 2016 and Jane Austen £10 note in 2017 will end 320 years of paper money Wednesday 18 December 2013 06.00 EST First published on Wednesday 18 December 2013 06.00 EST Close This article is 3 years old Mark Carney, the governor of the Bank of England, has formally announced that Britain will switch to using plastic banknotes in 2016 , ending 320 years of paper money.

After a public consultation in which 87% of the 13,000 respondents backed the new-style currency, the Bank said it would introduce "polymer" notes, as it prefers to call them, in two years' time, starting with the new £5 note featuring Winston Churchill in 2016 and the Jane Austen £10 a year later. Speaking at a press conference in the Bank's Threadneedle Street headquarters, Carney said: "Our polymer notes will combine the best of progress and tradition. They will be more secure from counterfeiting and more resistant to damage while celebrating the history and tradition that is important both to the Bank and the nation as a whole." The move follows Carney's native Canada, where plastic notes are being rolled out, and Australia, where they have been in circulation for more than two decades. Carney launched a public consultation on polymer banknotes , seen as cleaner and more durable, shortly after arriving at the Bank this summer. However, the Bank's notes division has been considering plastic money for several years. Bank officials have been touring shopping centres and business groups around the country with prototype notes to canvas public opinion.

The Bank has promoted its polymer notes, featuring a see-through window and other new security features, as less threadbare and tougher to counterfeit. It has sought to quell concerns about the environmental impact of printing on plastic by suggesting they can last up to two-and-a-half times longer than the cotton-paper notes in circulation at the moment . The durability will also compensate for the higher production costs and save an estimated £100m, the Bank claims. Its laboratory tests showed polymer banknotes only begin to shrink and melt at 120C, so they would fare better in washing machines but could be damaged by a hot iron. Carney has also announced that the Bank will follow new procedures when selecting the historical characters to appear on future notes, to avoid the furore it faced earlier this year, when the announcement of the Churchill £5 note appeared to suggest that no women – other than the Queen – would feature on any denomination. A new advisory committee, with a majority of independent members, will now suggest a theme – such as scientific achievement – and the public will be invited to suggest specific figures for inclusion. However, the governor will retain the final decision over which person is featured.

"These changes will ensure that the characters on our banknotes are fully representative of the history and diversity of this great nation, while having the necessary public respect and legitimacy." The move is the latest in a long line of changes for banknotes, first issued in return for deposits by the Bank when it was first established in 1694 to raise money for William III's war against France. Colour £5 notes replaced white ones in the 1950s; the first portrayal of a monarch came in 1960, when the Queen appeared on a new £1 note; and the introduction of historical figures such as William Shakespeare started in the 1970s. As part of the preparation for this latest change, banknote officials have already been working with retailers and the operators of vending machines and cashpoints. Link, which runs the UK cash machine network, said its machines would need new cassettes to hold the plastic notes, because they will be smaller, and not because of the change in material. The 15% reduction in size for Churchill notes compared with the current Elizabeth Fry fiver brings English notes into line with sizes in other countries.

But they will remain larger than existing euro notes and the different denominations of sterling will retain tiered sizes to help blind people differentiate between them. The Bank concedes no note is counterfeit-proof but says copying the new polymer notes will be slower and more expensive. Plastic banknotes to start in 2016, Bank of England says - BBC News BBC News Plastic banknotes to start in 2016, Bank of England says 18 December 2013 Close share panel Media captionPlastic banknotes put to the test Plastic banknotes that can survive a spin in the washing machine are to be brought into circulation by the Bank of England in 2016. The Bank argues that the polymer notes stay cleaner and are more secure than cotton paper notes, which have been used for more than 100 years. The £5 note featuring Sir Winston Churchill will be the first plastic banknote. More than 20 countries around the world have adopted polymer banknotes. Public view The Bank of England said in September that it was considering a switch from cotton paper to polymer notes. It then visited various shopping centres around the UK to gauge public opinion about the proposed change. Nearly 13,000 people gave feedback.

The Bank said 87% of those who responded were in favour of polymer, only 6% were opposed and 7% were neutral. However, some suggested the notes were too slippery. Image caption The £5 note featuring Winston Churchill will be the first plastic banknote It has now confirmed their introduction into the currency, starting with the £5 note. The £10 note is to go plastic about a year later, carrying the image of Jane Austen. Other countries paying with plastic Australia was the first to issue purely plastic notes Countries including New Zealand. Mexico, Singapore, Fiji and Canada followed suit Mauritius started issuing the notes in August Follow a fiver - from production to destruction The new banknotes will be made from a thin, transparent and flexible film made of polypropylene. This is coated with an ink layer that enables it to carry the printed design features of a banknote. This allows the inclusion of windows or clear portions in the design, used to enhance protection against counterfeits. The Bank has said that these notes last for 2.5 times longer than paper banknotes. They will survive a spin in the washing machine, but will still melt under extreme heat such as an iron.

Media captionThe general public react to the prototype polymer Bank of England £10 note: "It looks fake" Mark Carney, governor of the Bank of England, said: "Ensuring trust and confidence in money is at the heart of what central banks do. "Polymer notes are the next step in the evolution of banknote design to meet that objective. The quality of polymer notes is higher, they are more secure from counterfeiting, and they can be produced at lower cost to the taxpayer and the environment." Smaller notes The Bank said it expected to enter a contract with Innovia Security to supply the polymer material for the new £5 and £10 notes, in which case Innovia would establish a polymer production plant in Wigton, Cumbria, in 2016. How the notes are made Polymer banknotes are produced from a thin, transparent and flexible film made of polypropylene. This is coated with multiple layers of special ink (usually white) to the front and the back. A portion of the film is typically left clear to form a window or clear portion in the design, to be used for protection against counterfeits. Other security features can be embedded in, or laid onto, the banknote.

Once the film has been cut into sheets, they can be printed using standard banknote printing equipment. The new notes will initially cost more to make but the extra durability of the notes means they will be cheaper to issue than paper notes, the Bank has argued. They will have smaller dimensions than the current stock of notes. Consequently a gradual introduction will allow cash machine operators to alter ATMs to be able to carry the new, smaller note. It is not the first time plastic notes have been used in the UK. In 1999, Northern Bank of Northern Ireland issued a polymer £5 commemorative note celebrating the year 2000. A plastic note was introduced in the Isle of Man in 1983 but was withdrawn in 1988 owing to problems with the ink Adopters of the notes include Canada, whose last central bank governor - Mark Carney - is now the governor of the Bank of England. New choices The Bank of England has been busy redesigning banknotes, following the announcement of Churchill's inclusion on the £5 note from 2016 at the earliest.

This created controversy over the potential lack of women on Bank of England notes, so in July the Bank said it planned to put Jane Austen on the next version of the £10 note. Now, the Bank has outlined plans on how it will choose historical characters on banknotes. A committee will choose a theme to be represented, such as a figure representing scientific achievement. A two-month nomination process will then include views from members of the public and experts in that field. The committee will draw up a shortlist to hand to the Bank's governor for a final decision. In light of the recent difficulties, the Bank said that no "unduly divisive" characters would be considered. It will only consider historic characters. The only image of a living person carried on a banknote would be the monarch, it said. Sterling to go plastic, Bank of England decides | Business | The Guardian Sterling to go plastic, Bank of England decides New polymer banknotes to be introduced, beginning with Sir Winston Churchill £5 note in 2016 A sample polymer ten pound banknote.

Photograph: Chris Ratcliffe/Press Association Tuesday 17 December 2013 18.53 EST First published on Tuesday 17 December 2013 18.53 EST Close This article is 3 years old The Bank of England will announce plans on Wednesday to press ahead with switching to plastic banknotes, starting with the new Sir Winston Churchill £5 note in 2016. The decision on polymer notes will mark the beginning of the end for 320 years of paper notes from the Bank. The move by Threadneedle Street follows Bank governor Mark Carney's native Canada, where plastic notes are being rolled out, and Australia, where they have been in circulation for more than two decades. Carney launched a public consultation on polymer banknotes , seen as cleaner and more durable, shortly after arriving at the Bank this summer. However, the Bank's notes division has been considering plastic money for several years. Bank officials have been touring shopping centres and business groups around the country with prototype notes to canvas public opinion and the final decision is due todayon Wednesday. The Bank has promoted its polymer notes , featuring a see-through window and other new security features as less threadbare and tougher to counterfeit.

It has sought to quell concerns about the environmental impact of printing on plastic by suggesting they can last up to six times longer than the cotton-paper notes in circulation at the moment. The durability will also compensate for the higher production costs and save an estimated £100m, the Bank claims. Its laboratory tests showed polymer banknotes only begin to shrink and melt at 120C, so they would fare better in washing machines but could be damaged by a hot iron. The initial plan is to introduce polymer notes one denomination at a time, with the Churchill note in 2016 at the earliest and then the £10 note featuring Jane Austen next in 2017. The notes will continue to feature the Queen and retain their current colouring. The move is the latest in a long line of changes for banknotes, first issued in return for deposits by the Bank when it was first established in 1694 to raise money for William III's war against France.

Colour £5 notes replaced white ones in the 1950s; the first portrayal of a monarch came in 1960, when the Queen appeared on a new £1 note; and the introduction of historical figures such as William Shakespeare started in the 1970s. As part of the preparation for this latest change, banknote officials have already been working with retailers and the operators of vending machines and cashpoints. Link, which runs the UK cash machine network, said its machines would need new cassettes to hold the plastic notes, because they will be smaller, and not because of the change in material. The 15% reduction in size for Churchill notes compared with the current Elizabeth Fry £5 note brings English notes into line with sizes in other countries. But they will remain larger than existing euro notes and the different denominations of sterling will retain tiered sizes to help blind people differentiate between them. The prospect of polymer notes has raised some concerns for the visually impaired, however, as the popular practice of folding or creasing notes in different ways to identify different denominations will no longer be possible. Polymer notes can be folded but will not stay tightly folded in a particular way.

The Bank's prime task as banknote issuer is to maintain confidence in its money, and the move to polymer is expected to make life drastically more difficult for counterfeiters. Advances in commercially available laser and inkjet printers over the past decade have helped criminals to produce fakes quickly and more cheaply. The Bank concedes no note is counterfeit-proof but says the polymer notes will be slower and more expensive to copy. The notes will be produced at the Bank's ultra-secure plant in Debden, Essex, by a private contractor. The job is expected to go to either De La Rue, the existing maker of BoE notes, or Innovia, which manufactures most of the polymer notes currently in circulation around the world. The Bank has ruled out importing plastic money from China. The British Plastics Federation welcomed the Bank's move towards polymer notes. "It's essential all the plastic banknotes are made in the UK. Why not make coins out of plastic? It will save wear and tear on our pockets," said director-general Peter Davis.

Question: The new £5 note due to be issued in 2016 will feature whose portrait (other than the monarch)?
Answer: Winston Churchill